Shareholders' Equity

9 Months Ended

Sep. 30, 2014

Shareholders' Equity

Shareholders' Equity

NOTE 7. Shareholders' Equity

The weighted average assumptions used in the valuation of equity-based awards and the activity relating to options and RSUs during the period are presented in the following tables

		Nine Months Ended September 30,
		2014			2013
Weighted average assumptions:
	Risk-free interest rate		2.2	%		1.3	%
	Dividend yield		2.8			3.6
	Volatility factor		26.5			28.0
	Expected life		6.5	yrs		7.0	yrs
Fair value of options per share		$	7.82		$	5.48

			Wtd. Avg.
			Exercise
		Options	Price
		(shares in thousands)
Outstanding at January 1, 2014		37,996	$	34.90
	Granted	276		37.55
	Exercised	(8,525)		34.13
	Forfeited or expired	(1,030)		36.72
Outstanding at September 30, 2014		28,717		35.09
Exercisable at September 30, 2014		25,386		35.74
Exercisable and expected to vest at September 30, 2014		28,478	$	35.14

			Wtd. Avg.
		Restricted	Grant Date
		Shares/Units	Fair Value
		(shares in thousands)
Nonvested at January 1, 2014		15,181	$	20.46
	Granted	3,605		33.18
	Vested	(6,302)		14.12
	Forfeited	(244)		26.75
Nonvested at September 30, 2014		12,240		27.35
Expected to vest at September 30, 2014		11,182		27.36